The first credit unions were founded in Germany in the 1840s
to provide savings and borrowing opportunities to working-class
people. The guiding principles were simple:
people who were credit union members could borrow there.
should be for prudent and productive purposes.
- A person's
desire to repay (character) would be considered as important
as a person's ability to repay (income).
principles still govern most of the credit unions in the world
Georgia, the credit union movement started when Edward A.
Filene, a Boston merchant, visited Atlanta in 1922 and persuasively
explained the need for credit unions. Later that year, Atlanta
attorney E. Marvin Underwood drafted a state credit union
bill, which was introduced in the Georgia General Assembly that
year and each following year until it was passed in 1925.